Need to move towards tech-driven tax administration: FM
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Faced with widening fiscal deficit, the government had earlier issued stern warning to tax evaders, asking them to disclose their correct income and pay advance tax by due date or be prepared to face action.
Despite slowdown in economic activities, the government has said it is confident of meeting the Rs 5.70 lakh crore direct tax target for the fiscal. Direct taxes include income tax, corporate tax and wealth tax.
Infosys which is also a partner in the CPC project, said in a statement that the TDS facility will process more than 400 million tax deduction submissions filed by nearly one million entities annually.
Infosys has been processing tax returns filed online by Indian citizens since 2008. Till date, it has successfully processed more than 30 million tax filings and related
refunds, the company said.
In 2011, the income tax department selected Infosys as its managed services provider to facilitate central processing of TDS filings by business entities.
As part of this new agreement, Infosys provides comprehensive services to the department including technology infrastructure, maintenance, and upgrade of applications for the tax deduction reconciliation, analysis, and correction
enabling system, better known as TRACES, the statement said.
The new centralised system will enable real-time reconciliation of TDS filings and refund claims, instant detection of erroneous claims and faster payment of verified
claims, and significant savings for the government by reducing the interest accumulation on delayed tax refunds.
"The launch of the new CPC will play a key role in increasing the efficiency of tax filing for entities and processing of TDS for the Income Tax Department. We are
delighted to partner with the ITD in their endeavour to improve the tax-payer experience in India," Infosys Head (India Business) C N Raghupati said.